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Why Evofem Biosciences Stock Is on Fire Today

TheMotleyFool

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Why Evofem Biosciences Stock Is on Fire TodayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

Shares of the small-cap biotech Evofem Biosciences (NASDAQ: EVFM) rose by as much as 42.5% in pre-market trading Tuesday morning. The company's stock is taking flight in response to the Food and Drug Administration's (FDA) approval for the non-hormonal contraceptive vaginal gel Phexxi last Friday.

Phexxi reportedly prevents pregnancy by altering vaginal pH in a manner that is inhospitable to sperm. This FDA approval marks the first time the agency has given the green light to a hormone-free contraceptive for women in almost 30 years.

Image source: Getty Images.

Source Fool.com

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